Not too many people are comfortable with trading in centralized exchange such as Binance and Kucoin. Due to the perceived increase in threat to safety, security and associated risks when compared to centralized exchange, decentralized exchange popularly known as Dex platform, trumps CEX, in areas of usage and preference when viewed from the perspective of a lot of traders. The concept of trading in a decentralized exchange isn’t as complicated as it is in a centralized structure in a lot of ways.
For example in a centralized exchange, users are prompted to create an account, create an order book, placing their bid or ask either on the market price or limit price, choose instant execution or limit market which entails that the orders are filled on a later period, all of this transactions are done interacting with the exchange wallet and not user controlled wallet, a situation viewed as flawed by many.
In a decentralized exchange all of the above steps are not necessary as trades are carried out by pairing of users own wallet to the exchange network without the need of registering or having a new wallet for trade transactions and executions, eliminating effectively the role of a middleman.
Decentralized exchanges adopts the peer to peer approach to trading, wallet to wallet trade execution saves time, fees and shorten the process to trading activities and when the blockchain is not clogged could be one of the fastest way of trading.
How to trade on 3xchange.io decentralized exchange
SaTT caters for users of decentralized exchange platforms by listing on one. 3xchange.io, a reputable Dex portal, that is well known for its ease of use, simplicity, safety and fast execution of transactions. By simply connecting to your metamask or your SaTT account, users can trade directly with the market anytime and at their convenience without the need of signing up or transferring from wallet to wallet.
Located at the Top-left section of the page, there is the metamask and SaTT button which can be used to gain access to the exchange by simply clicking and connecting to the preferred platform which in this case we picked SaTT.
By clicking on the SaTT button, users are redirected to the SaTT platform to login with either of the listed social platforms.
After logging into the platform this is how your dashboard looks like, with your connected portal.
How to carry out transaction on the 3cchange decentralized platform:
After connecting the SaTT platform to the exchange, users can trade using the “send” and “receive” button, a list of coins/tokens is popped up when interacting with these buttons.
Send: The coin available in your SaTT wallet is shown on the send portal. In this instance of executing your first trade on the platform, SaTT token is expected to be in your “Send” portal automatically and ready for trade.
Receive: The coin you wish to receive, in this case in exchange for SaTT tokens, users with say wrapped ETH (weth) can exchange to SaTT tokens which is automatically added to their SaTT wallet.
Immediate transaction: switching on the “immediate transaction” button will speed up the trade action and execute instantly.
Exchange: By clicking on the “exchange” button, the trade action is activated and users get their preferred coins added to their wallet automatically which in this case is SaTT coin.
Safety and security concerns
It should be of note that users are expected to be safety conscious when they use Dex platforms due to the increased ease of hackers, spammers, and scammers ‘ ability to create replicas that copy almost exactly the original website. For example 3xchange.io could easily be replicated to 3xchange.com or 3xchange.org with almost the same UI/UX built with the intention to steal users’ details.
Also ensure the browser used is secured, the url are correctly spelt and the http is secured this way: https://3xchange.io/. Notice the ‘s’ in the http extension.
Another important hack is to ensure that your SaTT account is protected with a 2nd Factor Authentication like Google and Authy authenticator, that adds another extremely crucial layer of protection for your money. Hackers are known to attack accounts with less pro to steal users funds with less protection, it behooves the account owner to apply extreme caution at this time.
SaTT is recently added to Kucoin, Uniswap etc in a move that follows the success of its tokensales which have raised around $4 million today, fulfilling its promise of listing in record time.